Market Cap: $2,229,762,848,545
24h Vol: $67,493,449,910
Cryptocurrencies: 29461
Markets: 111529
Cryptocurrencies: 29461
Markets: 111529
Market Cap: $2,229,762,848,545     
24h Vol: $67,493,449,910
Seeking Alpha 2021-02-08 13:25:03

Tesla-Bitcoin shocker expected to add to momentum story both ways

Tesla-Bitcoin shocker expected to add to momentum story both ways
Bitcoin (BTC-USD) is up 10.77% to 42,818.89 after this morning's disclosure that Tesla (TSLA) invested $1.5B in crypto and is moving to accept Bitcoin for payments. Wedbush Securities analyst Dan Ives thinks investors will be watching to see if more major companies follow Tesla and also sees a potential positive impact on how the stock is evaluated. "While many on the Street have discussed the prospects of this move for Tesla, this morning's news formalizes the strategy of Musk and Tesla diving into the deep end of the pool of bitcoin and crypto. From a stock perspective, as we have seen with Microstrategy (and Saylor), this move could put more momentum into shares of Tesla as more investors start to value the company's bitcoin/crypto exposure as part of the overall valuation. Ultimately, investors and other industry watchers will be watching this closely to see if other corporations follow the lead of
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